Westfield, RGA Sell Phoenix Facility for $90M
USPS is the sole tenant of the asset, which is part of a 10-year triple-net lease.
Westfield Co. and RGA ReCap Real Estate Investments have sold the Fairway Commerce Center, a 450,260-square-foot warehouse in Avondale, Ariz., for $89.8 million. JLL brokered the deal on behalf of RGA.
In 2024, the United States Postal Service agreed to a 10-year, triple-net lease with four renewal options and a right of first refusal to purchase the asset. However, an institutional investor acquired the facility instead, suggesting USPS eventually opted out of potential ownership.
The property came online in 2024, two years after Reinsurance Group of America had issued a $43.7 million construction loan, Yardi Matrix data shows.
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As part of USPS’ $40 billion network modernization strategies, the firm implemented a new processing and sorting machine at the property. What’s more, the facility features 13,800 amps of power, climate control, as well as 83 dock doors and 40-foot clear heights.
Located at 12250 W. Corporate Drive, the warehouse is about 15 miles west of downtown Phoenix, less than 1 mile from Interstate 10 and within approximately 6 miles of loops 101 and 303. The Phoenix Sky Harbor International Airport operates roughly 19 miles away.
JLL Senior Managing Director Ben Geelan, together with Senior Director Greer Oliver, Associate Bryce Beecher and Analyst Gigi Martin, represented the seller in the transaction proceedings.
Phoenix investment keeps on giving
The Valley of the Sun witnessed the trade of more than 22.1 million square feet of industrial product during 2025’s first 11 months, marking a substantial 24.9 percent year-over-year increase, according to Yardi Matrix data.
By square footage, construction projects in Phoenix that debuted between 2020 and 2025 accounted for 40 percent of the total traded space year-to-date through November, the same source shows. Such assets also commanded on average $247.6 per square foot, significantly above the metro’s average of $173.3 per square foot. This points to high levels of investor appetite for new industrial space.
One of the market’s largest deals of the year closed earlier this month when Walmart paid $152.2 million for a 1.3 million-square-foot warehouse. Lincoln Property Co. and Goldman Sachs divested the asset in Arizona’s largest single-building industrial sale of 2025.
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